The Value Added Game - Maurizio Primanni interviewed by Milano Finanza

Interview with Maurizio Primanni in the March 14, 2026, edition of Milano Finanza

The private banking sector continues to grow in terms of assets under management, but the real challenge for operators is to transform this growth into more advanced advisory models, based on customized solutions, technology, and quality of service.

This is what Maurizio Primanni, founder and CEO of the Excellence Group, a multi-boutique firm specializing in advisory services to financial institutions, explains in this interview with MF.

What are the main trends in private banking in Italy today?
"In recent years, investable financial wealth in our country has grown exponentially: according to our analyses, between 2019 and 2024 it increased from approximately €3.1 trillion to nearly €3.7 trillion, with an average annual growth rate of around 3.4%. However, it's not just a quantitative issue: the way this wealth is managed is also changing: while low-risk investments were once favored, today clients, especially those with high net worth, demand personalized advice, a wide range of products, and the ability to support their extended family."

Which operators are best capturing this transformation?
We are witnessing the emergence of specialized models on the market. Networks of financial advisors and family offices are expanding their presence compared to traditional commercial banks. For example, networks of financial advisors associated with Assoreti, such as Fideuram, Mediolanum, Fineco, Banca Generali, and Allianz Bank, increased their market share from 15.9% to 20.6% between 2019 and 2024. The number of Family Offices and the wealth they manage is also constantly growing. Does growth in assets translate into greater profitability? Not necessarily. One of the elements that emerges from our research is that, while funding continues to grow, the ability to monetize assets tends to decline over time. Between 2019 and 2024, the ratio of net commissions to indirect funding fell by an average of approximately 10 basis points for the largest and medium-sized banks, with an even more marked reduction for smaller institutions. Specialized operators are better positioned, but also for them The trend is downward. Essentially, we're seeing growth in volumes but not in unit profitability."

What factors are squeezing wealth management profitability?
"There are several reasons. On the one hand, there is growing competitive pressure; on the other, the product mix is ​​shifting toward instruments with lower commissions, as demonstrated, for example, by the recent growth of ETFs. Added to this is the regulatory push, which is driving increasing cost transparency. Clients, especially younger ones, are also becoming more cost-conscious. All of this requires providers to become much more efficient in setting prices; they need to be determined at the individual client level."

What role will technology and digitalization play?
"They will play an increasingly important role: data, digital platforms, and business intelligence tools are becoming increasingly essential. However, technology should not be seen as a threat, especially in the private and HNWI segment; it will enable advisors to offer a more personalized and granular service. So, what is the direction? Three key words for the future: digitalization, personalization, and holism. Digitalization of processes to streamline the operations of advisors and clients as much as possible. Personalization of the client approach, also thanks to more effective data exploitation. Holism in the solutions offered to serve the client, but also their entire family."